The Chinese government's measures to ban Bitcoin led to the fact that the cryptocurrency market simply went underground.
Bobby Lee, the founder of the very first Chinese crypto exchange BTCC, shared his opinion with Business Insider:
"The fact is that in China there is quite a large demand for Bitcoin. And in this case, it is not like with alcohol - if the government prohibits alcohol, it may simply not allow it to pass through the borders. In this case, if there is demand, then Bitcoin will still enter the Chinese market. The Chinese still use P2P transactions.”
Although Li claims that the cryptocurrency market in China is still present, its scale has decreased quite significantly.
"This is likely due to the fact that the market used to be a place where you could not only trade, but also speculate. In the new underground market, the buyer must go through some kind of procedure before he can receive digital funds. This can take days, weeks, months. Previously, transactions took place in a few seconds, and this has a significant impact on the consumer experience."
Li believes that laws related to cryptocurrencies may change in the future in China.
“I’m 43, and what I’ve learned in my life is that nothing is permanent in this world,” he told BI reporters. "We used to think that the one-child policy introduced by our government not so long ago would remain forever, however, we see the opposite. Does this mean that the laws will change next month? No. It may not happen in 10 years, but it may happen in 30 years. Everything changes."
According to businessinsider.com
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